Good day, ladies and gentlemen, and thank you for attending this virtual meeting. I'm pleased to welcome you on behalf of HEG Limited and SKP Securities to HEG Limited's Merger Update webinar. We have with us Mr. Riju Jhunjhunwala, Vice Chairman, HEG Limited; Mr. Basant Jain, Joint MD and CEO, Bhilwara Energy Limited; Mr. Manish Gulati, Executive Director, HEG Limited; Mr. Om Prakash Ajmera, Group CFO, HEG Limited; Mr. Puneet Anand, Group CSO, HEG Limited; Mr. Ravi Tripathi, CFO, HEG Limited; Mr. Ankur Khaitan, MD and CEO, TACC Limited; Mr. Hiren Pravin Shah, MD and CEO, RePlus; and Mr. Salil Bawa, Group Head of Investor Relations. Friends, this virtual meeting is being recorded for compliance reasons. During discussion, there may be certain forward-looking statements which must be viewed in conjunction with the risks that the company faces. We'll have the opening remarks from the management, followed by a Q&A session. Thank you, and over to you, Mr. J hunjhunwala. Thank you, Navinji. Good afternoon to all our shareholders and participants on the call. Thank you for joining us today and for your continued trust in HEG and the LNJ Bhilwara Group. Today's call is focused on our proposed composite scheme of arrangement, the demerger of our existing graphite electrode business into a separate listed company, and the formation of a listed HEG Green tech company that will house our integrated clean tech business. A brief note before I begin: certain comments may be forward-looking and are subject to market conditions and to the receipt of necessary regulatory and statutory approvals. Why are we doing this? Sharper focus and value unlock. We are at an inflection point where two strong franchises sit within one listed company: a mature cash-generating graphite electrode business and a fast-scaling green tech growth platform. These businesses have different growth drivers, risk profiles, capital needs, and valuation frameworks. The scheme is designed to unlock value for public shareholders by creating two focused listed companies, each with its clear strategy, governance, and capital allocation discipline. In practical terms, the scheme is intended to deliver a clear value discovery, as each business can be valued on its own merits or demerits, better transparency and capital allocation assigned to each business model, improved strategic flexibility wherein maintaining strong governance and promoter alignment. What do schemes mean for you as a shareholder? Subject to approvals, the scheme proposes the following mechanics: demerger of the existing graphite electrode business into HEG Graphite Limited and issuance of shares to HEG shareholders in a 1:1 ratio on the record date. Merger of B hilwara Energy Limited, which houses two of our hydroelectric assets with the existing listed company, with the shares issued to BEL shareholders other than HEG, based on completely independently determined swap ratios reviewed by merchant bankers. Post-implementation, HEG Graphite Limited will be renamed HEG Limited, and the current HEG Limited will be renamed HEG Greent ech Limited. The structure is designed to preserve continuity. You will hold shares in the legacy business of graphite electrodes through the new HEG Limited company, and you will also hold shares in HEG Greent ech, representing the clean tech businesses. Understanding HEG Greent ech and Integrated Clean Tech Platform in India's Energy Transition Growth Story. India's decarbonization and electrification agenda is accelerating at the adoption of renewable energy storage, and in turn, driving demand for battery materials and enabling infrastructure. HEG Greent ech is being built as an integrated clean tech platform to operate across the renewable energy and battery storage chains, both growing at a fast pace. HEG Greent ech, as you see below, will be operating across four synergistic pillars. First being the advanced battery materials. Over the last couple of years, India's renewable capacity additions have shifted away from standalone solar and wind projects to FDRE, RTC, and storage-led tenders, including standalone BESS driven by intermittent generation, peak versus off-peak differentials, phasing out of banking tighter DSM provisions for renewables, supportive policy measures, and falling battery prices. Battery storage is increasingly becoming a critical component of upcoming projects, both for utilities and for C&I consumers. India has also seen a very strong growth in EV penetration across segments. With the government's agenda of making India more self-reliant in battery storage, a range of fiscal and non-fiscal measures are encouraging local manufacturers of batteries and associated value chain materials. More than 150 gigawatt-hours of local lithium-ion battery cell manufacturing capacity has already been announced in India. At HEG Greent ech, we have identified advanced battery materials as a key growth pillar, starting with the establishment of a 20,000 tons per annum active anode material manufacturing facility. We intend to be a high-quality, technology-led anode manufacturer catering to multiple battery chemistries and to end users. To this end, we are working on silicon and graphene-based doping solutions to enhance the existing anode performance. RE Power Generation, Solar and BESS. Our investing company, RePlus, is a leading battery energy solutions provider with a broad portfolio across the BESS, EV, and hybrid applications. RePlus has a highly automated one gigawatt cell-to-pack line, which is currently being expanded to six gigawatt-hour as we speak, and it serves marquee customers across these segments. RePlus is creating a niche by indigenously developing smart battery and grid management solutions in partnership with leading academic institutions, along with a cloud-based analytics platform. These capabilities can help improve performance, enable AI/ML-enabled insights from across the battery life cycle, and reduce the levelized cost of storage. RePlus is well positioned to benefit from the rapid growth in storage adoption across segments and is building tailor-made solutions aligned to global standards. It has also established an office in Dubai recently to serve a growing Middle East and Africa region where grid-scale storage deployments are scaling up as much as India. The third pillar being the renewable energy IPP. As mentioned earlier, India is moving from a standalone solar and wind to FDRE, RTC projects with a large BESS component. Cumulative BESS capacity of over 250 gigawatt-hours is projected across utility and C&I segments, with annual installations expected to rise meaningfully over the decade. With RePlus's in-house technical expertise in energy storage solutions and a team with a track record of building and developing multi-gigawatt solar assets, we are building a storage-led IPP platform to capture the growing demand for firm and dispatchable renewable power. During the current financial year, we have secured an order for a 200 megawatt-hour BESS project in Gujarat. We have emerged as the L1 bidder for a 1,000 megawatt-hour standalone BESS project in Maharashtra. We are focusing on standalone solar and Solar Plus BESS projects in both B2G and C&I, with a clear aim to deliver an equity IRR of anywhere between 16%-20%. The fourth business, which is the pillar of our company to begin with, is the RE Power Generation, the hydroelectric plants. We have two highly efficient run-of-the-river hydroelectric projects in Himachal Pradesh: Malana, around 100 megawatts, operational for 25 years, and AD Hydro, 200 megawatts, operational for 15 years, both delivering consistently and 80% high EBITDA margin. Both these projects are debt-free, eligible for renewable energy certificates, and operate as run-of-the-river plants with approximately 3.5-4 hours of reservoir capacity, enabling peaking generation. These assets generate steady cash flows of approximately 300 crores plus annually, strengthening the platform's resilience as we scale. We have also signed a conditional agreement to acquire a 76 megawatt hydroelectric project in Uttarakhand, and are in the process of securing all the necessary approvals. Subject to approvals, this could be a very attractive addition into our hydro portfolio. Roadmap, discipline, and shareholder value creation. We remain committed to disciplined execution and transparent communications as the scheme progresses through the stock exchange and NCLT approvals. If approved, shareholders will have direct ownership in two focused listed companies, one anchored in a global graphite electrode franchise and the other positioned for long-term growth in India's energy transition, enabling clear value discovery and unlock value over time. Thank you for your time. With that, I would just like to introduce to you the management team that is here today with us, and apart from them, others who are present with us who will be answering the questions. I'm pleased to introduce Mr. Basant Jain, who is the CEO and Joint Managing Director for the company. His resume speaks for itself. An ex-MD and CEO from Mahindra Susten, he's led clean tech portfolios, including 6-plus gigawatt solar projects and 25-plus years' experience with leading large industrial companies. So it's a pleasure to introduce you to Mr. Basant Jain. Mr. O.P. Ajmera, who's the group CFO and CEO for the hydro and wind segment. Mr. Ajmera has been with the group from inception, I would say, and he has led the entire hydroelectric power business of the company, which has enabled us today to get to the green tech platform. Mr. Ankur Khaitan, who is the CEO of the advanced battery material, the anode project in the company called TACC, he has 17 plus years of experience with 12 plus years at HEG Limited in its graphite business. Later in the presentation, you will come to understand why that is very, very important in this particular framework that we are trying to work on. Mr. Hiren Pravin Shah, who's the CEO of RePlus, the battery energy solution. He's a very, very passionate battery man. That's all I can say. 23 years plus in the battery segment and new energy solutions with having worked with pedigree companies like Panasonic and Delta and led ESS projects for Jio, Tata, AWS, and Indian Oil. He breathes and eats, I think, BESS. You have Puneet Anand, who's the Group Strategy Officer, who is helping us create a very robust platform in terms of efficiencies on taxation, in terms of new business ideas, and Puneet's experience has been 16 plus years of experience, I think 14 out of the 16 being in Ernst & Young at very, very senior positions. Mr. Salil Bawa, who is the head of investor relations. Thank you, Salil, again for helping Puneet and everyone at SKP organize this call. Salil would be based out of Mumbai, so he will be your point of contact for any information that you need from the company. He has had 25 plus years' experience in this business with companies like DHFL, Edelweiss, and Wells Fargo. Mr. Karunesh Chaturvedi, who's the head of corporate affairs. He has over 30 plus years in corporate affairs and strategy, advocacy, and government affairs. He's been the ex-Head of Corporate Affairs at Zensar India, Wipro Group, etc. Ms. Indu Mehta, who is the Chief Sustainability Officer for the company. Her resume includes 30-plus years in sales and marketing across industries and has been a director with us in our other companies like Bhilwara Infotechnology, etc. And one of the newer members of the team, Mr. Ranjan Sarkar, who has a lot riding on his shoulders as the Chief Human Resource Officer for the company with 25 years in HR leadership in large Indian companies and MNCs, including being the ex-President of HR in Exide Industries. So with that, I think I will end my part of the presentation, and I'm around for any questions or answers that we'll have after the presentation. I end with a promise to everyone that whatever we are trying to build over here in HEG Greent ech is absolutely above board and will carry the legacy of the LNJ Bhilwara Group forward as its fourth pillar. Textiles, graphite, power, and now the new generation. So Basant Jain, Basant, over to you. I think Basant will do the talking from now, and the rest of us are available on the call. Basant, please. Thank you very much, Riju, and a very good evening to all. Thanks for taking our time. Riju has already given a good introduction. Let me just try to explain these businesses in a bit of details. As Riju mentioned, we are building India's first technology-led integrated green tech platform, which primarily focuses on storage as a technology and all other businesses around it. To begin with, one of the most promising businesses which we see in our portfolio is our advanced battery material vertical, wherein we are setting up a 20,000-ton annual plant, which will produce one of the highest quality synthetic graphite material for lithium-ion batteries. As we speak, the plant is already at an advanced stage of construction near Indore. Apart from this, we are also, as Riju mentioned, in the RE power presence through hydro assets and storage-led IPP and battery energy solution through RePlus. In all three businesses, India is going to see a massive capacity addition over the next few years, and the reasons which Riju articulated, how India is decarbonizing its energy sector, trying to make India a self-reliant, and hence lithium-ion batteries, battery materials, battery storage solution, and then the RE IPP, they will all play a significant role. We want to be a sizable player in all these segments. Next one, please. Next. Why anode material? As we all know, today, lithium-ion battery technology has overtaken any form of the technology, whether it's, and it has emerged as one of the most promising technologies for storing the energy for a variety of regions. One of the biggest reasons, of course, is the falling prices, the prices tumbling from $450 to now almost like $60. That has led to the increased penetration. Because of the increased penetration of batteries across all segments, be it electric vehicle, battery energy storage, and hybrid applications, there is a significant increase in the anode material demand, which from current level stands at 1.5 million tons. As per the projections given by the leading research firms, this demand is likely to reach to about 4.5 million tons. Now, typically, one gigawatt-hour of battery requires about 1,000 tons of anode material. That's the kind of thumb rule. Now, as you mentioned, India is going to see a capacity addition of almost 150 gigawatt-hours over the next four to five years' time. That will entail a demand of almost 1.5 lakh tons in India. Apart from this, a lot of global cell OEMs are also looking at manufacturers outside of China. As we all know, China today controls almost 97% of this synthetic graphite supply globally. And from a de-risking point of view, all these European and American and even Asian vendors are looking at suppliers who can deliver high-quality anode material at a competitive price. And we are here to set out and meet this requirement. Apart from this, the PLI scheme, which mandates the domestic value add starting from 25% to going up to 60%, these local Indian cell manufacturers will be required to source battery materials locally to meet this DVA. And we believe anode material will be the first one to be adopted in this direction. Next one. What is our right to win? This, I think, I already explained. So we all know that how Indian cell landscape and global cell landscape is going to be a factor for us to be confident about this vertical. Next one, please. What is our right to win? As we all know, we are one of the leading players in the graphite electrode space, having a plant which delivers these anodes at the world-beating cost structure. While one of the most complex processes in the graphite electrode is digitization, this is a process which entails a lot of technologically sophisticated process control, and we are the one who have perfected this art with the experience of 50 years plus in this space. The process for manufacturing the synthetic graphite for battery anode material is similar, if not same, to the process being followed in the graphite electrode, and even the raw material which is required is same. Taking the expertise of our HEG Limited, we have decided to get into the synthetic graphite manufacturing, and what we did, we ensured in HEG that we have access to the best technology which can help us compete with the Chinese. As we all know, the Chinese are already ahead in many aspects. But given our experience and expertise, we are very confident of ensuring that we also deliver the material which meets the requirement of the global OEMs. In this direction, we already set up a 200-ton pilot plant almost two years back. Next slide, Puneet. The idea behind setting up this demo plant was that how do we really make all these global cell OEMs comfortable? Because we don't want a situation where we set up a plant and then we are sending the material for certification. It would have delayed the, I would say, commercialization of the plant of the material. So this 200 TPA plant is absolutely identical in terms of process flow and then the technology which is being used for this 20 KTPA plant which is being built. The material produced by the 200 TPA plant has been sent to almost over 20 leading global cell OEMs. These cell OEMs have tested our material. I'm pleased to say that the majority of the cell OEMs have been extremely pleased, happy with our material, both in terms of the material specifications and quality. Now we are at a stage where we are now discussing with them potentially the terms for the long-term offtake. Next one. There is a lot of innovation which is happening in the battery anode material. As everybody is chasing for the higher energy density and faster charging time, there's a lot of elements which are being added to the synthetic graphite. One of them is the silicon. We are working on manufacturing our own high-quality silicon material, which, if it is doped with the anode material, will increase the energy density by almost 20% and also improve the charging time. Likewise, we are also at a very advanced stage of producing quality graphene, which, again, if added to the battery anode, will further improve the charging speed and also prolong the battery life. In terms of a product mix, we will be catering to the price-conscious ESS segment and then the mid-range and high-range EVs, which are premium segments, where the energy density and charging speed is really the primary criteria. And hence, the silicon-doped and graphene-doped anode material will come into play here. Next one, please. As you could see here, some of the pictures, this plant is spread across 100 acres, already at an advanced stage of construction. Overall progress of the project is 30%. Bulk of the procurement process is complete. Over 90% engineering is also over. We have built this plant with the aim of expanding it to 30 KTPA within the same premises at a very optimal investment. This will further reduce our CapEx per ton cost and also reduce our OpEx, thus enhancing our competitiveness further. We aim to expand this overall capacity to 60 KTPA by FY 2032. This decision to invest this additional CapEx will be taken once we stabilize our initial 20 KTPA plant. Next one. What is our go-to-market strategy, as I mentioned? A team is already in touch with almost every single cell OEM. Some of those names are supplying to the marquee electric vehicle EV OEMs and even the companies which are making the battery for all segments, whether ESS or hybrid. The team is already in an advanced stage of discussion with customers, which could potentially offtake 30,000 metric tons, which is more than the capacity which we are setting up in phase one. Next one, please. As I mentioned about graphene, we all know that graphene is considered known as a magic or wonder material. Apart from utilizing part of the graphene in our anode material to enhance its longevity and also improve the charging rate, graphene also has some of the unique applications. As we all know, graphene has a strength almost 200 times than steel. It is one of the lightest yet strongest material available on Earth. There are very interesting use cases of graphene, right from cement to the textile to paint and, as I mentioned, anode. We already piloted and experimented in cement and road infra, where we got a very encouraging result. There is a very good economic case for doping a very tiny quantity of graphene, which improves the anti-corrosion properties of concrete and also reduces cement consumption significantly. In textile and paint, also, there have been very encouraging years. Over the next few months, we will complete this testing. And then we intend to set up a 4,000 metric ton of graphene derivative plant within the same premises where this anode plant is coming up. Next one. Battery energy solution. RePlus is a portfolio company which provides the battery energy solution. We all know how battery energy storage demand is going up, both in India and globally. As energy becomes more and more solar is deployed and people are finding it very difficult to really, or there is a massive surplus of daytime power due to excess solar capacity, solar is now becoming an integral part of all projects, whether it's in India, the Middle East, or even the Western world. Next one. Even in the EMEA region in the Middle East, again, we have seen a multi-gigawatt-hour of single location project with the power backup ranging from two hours to six hours. There have been some cases in the Middle East where 100% solar is being stored and then being discharged in the evening hour. At RePlus, we are fully focused on developing solutions, plug-and-play solutions, which will ensure the on-site installation time is reduced. A solution can withstand all extreme weather conditions, whether it's India or even the Middle East, where the ambient temperature goes up to 50 degrees Celsius, and also ensure that the life of the battery installed is adequate enough for people to get the economic returns out of the projects. Next one, please. As you could see here, we have commissioned 100 megawatt-hour plus capacity, both within India, and we have done some marquee projects in Saudi Arabia and DRC, which reflects the confidence our customers have about our offering. We have over 2,000 megawatt-hours of capacity under execution in different parts of the world. As I mentioned, the India and MENA region remains a key focus area and we already have an office in place in Dubai. As we speak, we are already in discussion with all Dubai-based IPP who are working in both MENA as well as the other African countries. We should be able to secure a good chunk of orders from these markets as well. Next one. In case of EV, as we all know, how EV penetration has really gone up significantly in India. As we speak, the growth rate in the two-wheeler, three-wheeler, and buses and trucks, especially the CV segment, it's 20% plus CAGR. I'm pleased to share that today we have the AIS-certified battery pack for all these applications, and in many cases, even certified by ICAT. Some of the battery packs are homologated with the buses and three-wheelers and trucks. We see this as a massive growth area. RePlus is well positioned to be a leading partner for these EV OEM players. Next one, please. In case of hybrid applications, where in most of the applications, the lead-acid batteries are paving the way for lithium-ion, both from the price standpoint and the overall life point of view, and also from the safety and, I would say, the overall energy density standpoint, and there are a lot of very interesting use cases emerging now, especially for cases like a data center where you need to have a very fast response in battery solutions, and we at RePlus are well positioned to cater to the needs of emerging segments like drone, data center, and even telecom tower, where most of the earlier installed lead-acid batteries are now being replaced, and now lithium-ion batteries are now becoming a norm there. Here, again, we are the industry's first, in fact, India's first battery solution provider, where our packs are certified by TEC. That means we can sell our packs to some of those very, very demanding markets, even the European market. And we are also working on solutions for the high C-rate batteries, as I mentioned to you, especially for the data center and drone applications. Next one, please. RE Power Generation and Solar Base. We all know how the whole Indian RE landscape has changed. The chart towards your top right illustrates the current situation of RE in India. As you could see, from almost 10:11 A.M. till 4:00 P.M., the RTM, which is the real-time market for the renewable, the price point falls to practically zero. That means there are very few takers because of the mismatch in demand and supply. What is also concerning is that even though the prices have reached to a near zero level, the overall volume cleared in RTM market during these hours is only 20%-25%. That has set the panic button among the utilities. So if you see, none of the utilities are now going for standalone solar projects anymore. And they are being very reluctant to sign even the earlier awarded capacity because of this reason only, because they are obligated to buy these units at whatever, INR 2.5 plus, where they are not able to find customers. So now, almost every single project in the last 18 months, if you see, is now integrated with the BESS in some minimum of two hours, and in some cases, even four hours and five hours as well. And even a lot of hybrid and RTC capacity has been auctioned, which requires a significant chunk of BESS to be part of the overall project in our mix. In addition to this, we have also seen the DSM, which is a deviation settlement mechanism, charges going up significantly. Government is now making the DSM provision for RE almost at par with the thermal. That means you have to, if you do not deliver the scheduled energy, then you will be penalized in a heavy manner. Now, in many cases, the DSM penalty is very, very steep in excess of INR 1. What it means is that all RE developers will have to forcibly integrate storage because you can't avoid the, I would say, intermittency of power or the variability in the weather. Hence, the storage is the only way to go. We all know the banking provision in almost every state is now going away because all discoms are now facing losses. They don't want to give banking as an artificial storage capacity. Now there is more of a TOD-based settlement. All these factors are driving the demand for BESS storage in a massive manner. Apart from this, as you know, there are a lot of policy tailwinds. While the ISTS waiver for the conventional RE is now being withdrawn by 2028 fully, the Ministry of Power has kept the waiver extended for the standalone BESS up to 2028, and we believe it might be extended further to improve the penetration. There is a VGF provision also, which has also led to the reduced cost of BESS for the discoms. There are market dynamics, as I mentioned earlier, that the battery pack price is falling. Then as the TOD-based banking provision moves away, and then the discounts are ensuring that your RE capacity is limited to your connected load. So without storage, you can't really have a meaningful, I would say, RE penetration. So if I were to look at the standalone pure solar, it's only 12%, whereas with solar and BESS, you can go up to 63%. So all these are factors which are leading to the high adoption of BESS projects in India and globally. Next one, please. Now, these are just now mentioned. So if I were to look at even the economic case for it, if you look at the peak grid power rate, which is after 6:00 P.M. and up to 10:10 P.M., it is invariably INR 9 in the majority of the states. So even if I were to look at the current solar rate and then the LCOS or BESS, you are in the money. The cost of solar plus BESS is lower than your grid power. This grid power, by the way, is a brown power. Then you get a green power at a price lower than the grid power. This is where most of the discounts, and even C&I consumers primarily, are now more and more inclined to have solar plus BESS to meet their requirement. Next one, please. As I mentioned, India will see an annual addition of close to 50-60 gigawatt-hours per annum, both in utility as well as C&I space. What is our right to win? We have a very strong IPP team. The team, some of the very senior people from Statkraft, have joined us. We also built a very experienced team over the last couple of months. We have a very strong technical know-how through RE Plus and TACC to ensure that we choose the right kind of batteries. The supply chain is, I would say, ensured through RE Plus. So all these factors give us that extra edge over competition. Over the next five years, we intend to build a total portfolio of about 5.9 gigawatt-hours in BESS and about 3.7 gigawatt-hours in the solar. The philosophy which we're going to follow here, as Riju said, that we'll target 16% plus IRR, which we are very confident in using given our expertise. We will follow the capital recycling model because we don't see ourselves becoming a long-term asset owner in RE space. Once the project is stabilized, it is delivering the generation as per the design, then we will sell it to some of the investors to improve our overall returns going forward. Next one, please. In hydro, as I mentioned, we are one of the pioneers in this space, and then the performance of both Malana and AD Hydro speaks volumes about how the quality assets should be built, and these are today considered as role models in Indian hydro energy sector. As Riju mentioned, we operate two plants, very high quality, delivering consistent EBITDA. We have proven a lot of naysayers wrong, where a lot of people said that we should really contract this capacity on a long-term basis, but the management at that time took a decision to keep this entire capacity on a merchant basis, and now we are reaping the dividend of this strategy. As we speak today, these projects deliver almost INR 370+ crore EBITDA and a free cash flow of INR 300+ crore. I mean, these are all both the projects have a reservoir. So hence, we take advantage of generating during peak hour and getting extra revenue. Next one, please. This is a synopsis of the CapEx which we have planned over the next three to four years. By end of F 2027, we intend to deploy almost INR 4,300 crore capital. Bulk of it is going in anode material and RE power generation. And then taking a two-year overall CapEx of INR 7,700 crore. As I mentioned, while you see a big chunk of RE capacity coming here, but using a build-and-flip model or capital recycling model, we would like to minimize our capital outlay here. Assuming 30-70 capital structure, the total equity requirement comes to INR 2,300 crore. Hence, we are well capitalized for this kind of growth plan, which we have set out ourselves for the next three to four years' time. And thank you very much. With this, I will end my presentation. Now over to Riju and Salil and team, and then maybe open for questions. Riju, maybe you may like to open this floor for Q&A. No, I think you've summed it up well. If I could just add a couple of things from the management side. I mean, from my side, the absolute vision, everything is absolutely clear in my head that we have to be following the highest corporate ethics possible. We will maintain in this particular company the best-in-class team. So every business that you are seeing that Sanjeev just spoke about, all the four different SBUs right now, although they sound like we have four different businesses within the company, but all four of them are being headed by very, very strong individuals who are the best in class in that particular segment. So we will continue to focus on team building. R&D is one area that we would wish to spend a lot of money on as a company because contrary to our existing businesses of textiles, graphite, etc., R&D has to be a major portion if we have to stay ahead of the curve. So I mean, these are the two or three guiding principles. Of course, the principle of scale on how to scale up this particular business is something that we'll be looking at as four different SBUs operating within the confines of HEG Greent ech as a company. So glad to take any questions. I think we have all the CEOs of the existing businesses over here. So glad to answer any question that anyone may have. Thank you, Mr. J hunjhunwala and Mr. Jain. Friends, we open the floor for the Q&A session now. Anyone wishing to ask a question, please raise your hand and we'll take it up. A request, if participants could introduce themselves before asking the question. We'll take the first question from Amit Lahoti. Amit, please unmute yourself and go ahead. Yes, hi. Good evening, team. This is Amit Lahoti from Emkay. Thanks for hosting this presentation. I have a few questions. The first one is that in slide four, how do we arrive at promoter group interest of 61.92%? Does it take into account this swap ratio given by the valuers? I think Puneet, you could answer that. Hi, Amit. Good afternoon. So Amit, the shareholding of promoter has increased because the BEL, which is getting merged, it is 49% owned by HEG and 51% was owned by promoters. So they are letting their shares of BEL, and in lieu, they are getting shares of HEG Greent ech, per se. It is as per the swap ratio given by PwC and weighted by ICICI. Right. So what is the swap ratio here? It's 8 to 7. For every seven shares, they're getting eight shares. Okay. The second question is the acquisition price for Phata Byung Power Plant that you are about to acquire. So when is it expected to get completed? What is the acquisition price? Okay. The acquisition price, if I can say that, I mean, that's kind of confidential between us and Statkraft right now. But I can tell you it's not anything very significant. In fact, we are getting a good value out of that because the project has a lot of built-in stuff in it when it comes to the tunneling and the material that has been ordered. So I think we have to wait for the next four-to-six months for all the environmental clearances, etc., to happen. And after that, I think we can quickly build the plant up in the next two and a half years. And it'll be up to us at that time to decide whether to keep it open as a merchant plant or to tie it up as the 16% return on equity kind of a fixed plant. Okay. Got it. And then a few questions on TACC. How much CapEx have we spent on this anode project so far, given that our progress is currently at 30%? So can we say 30% of CapEx has been spent, or it is a little more or a little less? I'll ask Ankur to take that question. Ankur is leading TACC and the entire anode project. So we have committed more than 50% of the CapEx, which will be spent over the next 15 months now. And all the major commitments regarding the procurement is done. And of course, the engineering, which is also a very critical part of it, is completed. Okay. So we have spent 50% already on this. I n terms of commitment, yes. Okay. But in terms of actual cash outflow from the balance sheet, how much is that? In terms of cash outflow, it will be close to 30%, depending upon the various terms and conditions. Yeah. Right. The second thing which I wanted to check on the same TACC project, the CapEx per ton, which I calculated for 20,000 tons of CapEx, works out to $12,500 per ton in terms of CapEx intensity. And whereas the selling price for this anode is about $7,000, so this implies asset turnover only about 0.6 times. So with that economics, can we still make 20% ROC, or is it going to be a little possibly aspirational at this stage? No, it is not aspirational because when you see the overall market, then if you see the market outside China, because as we covered in the presentation as well, that today, most of the market is concentrated within China. And when we are speaking with various companies outside China, which does not only include the Indian geography but other geographies, including Europe, U.S., and the Asian markets, then they are very much willing to work with non-Chinese players. And with us having a very rich background in terms of graphite and carbon knowledge as well as operational factors of that, today, we are in very advanced discussions with the key players in the market, which gives us a very positive edge. So all the demo plant material, which is going to the customers, and the kind of responses in terms of both product quality as well as willingness to offtake the material for the next five to seven years we are getting is very positive. It doesn't give us any reason to think that we would have any ROI less than what you have mentioned right now. Right. So eventually, we will be looking at a price hike from the current level of, say, $7,000 to $8,000. Is that what you intend? Yes, definitely. Right. And the last question here is from the perspective of demerger that we have current consolidated net debt of about INR 500 crore for the entire HEG Limited business. So how are we going to split this between the graphite business and the green tech business at the time of demerger? I think Puneet would. Hi, Amit. I'll take this question. So Amit, at the HEG level, today, we are not on the debt side. Net, we are positive. The entire debt which you see in the HEG balance sheet is primarily for the graphite business, and it will go with graphite. So HEG Greent ech exists at a zero net debt initially. Is that right? So technically, you can say yes, but all the debt which has been taken for TACC will go with TACC. Other than larger debt is towards the HEG graphite business. But could you quantify the amount what will remain in the graphite business in terms of either gross debt or net debt? So I think it will be a net debt. It will still be a debt-free company if we do the division. So basically, HEG Greent ech, it's a INR 750 crore amount committed by the board for TACC. Plus, they have certain surplus assets which are being left in the company when the merger is going on with BEL. Other than that, graphite will take the additional cash plus the investment which is in GrafTech and the working capital limits. So since the scheme appointed date was 1st April 2024, so by the time it gets implemented, I don't see a larger portion of debt which would be in HEG Graphite also. Got it. Thank you so much. Thanks for the answers. Thank you, Amit. We take the next question from Dhananjai Bagrodia. Dhananjay, please go ahead. Y eah, hi. This is Dhananjay Bagrodia from Alpine Capital. Thank you for this presentation. Just wanted to ask you, so the company which you're acquiring, the BEL one, which will be merging, what were the revenues of that company? I understand the question. Dhananjay, can you repeat? BEL, which is owned 49% of the company, what were the revenues of that, and what multiple would that be valued at? So the valuation is done by independent valuers with PwC. And the BEL today has around EBITDA of INR 400 crore, which is getting merged into this company. At what value is it getting merged at? At what value? The value is around INR 3,100 crore. So around eight times EBITDA? Around eight times EBITDA, you can say. But it also has some cash. So net cash, if you see, the numbers will be different. So the entire calculation and the valuation has already been uploaded with the stock exchange. You can go through that. Sure. And regarding the advanced battery material business, so if the anodes are going to be then the HEG standalone business and then this business, is that right? Or how will that be done by the management for anodes going ahead? So what the demerger process is, we are only demerging the existing graphite business. The anode business will be in HEG Greent ech, which is housed in a separate entity, which is TACC Limited. That will remain in this company, and BEL will get merged in this company. Okay. But as a pure play anodes, that will stay in the earlier business, right? No. So if you can put up that sheet of HEG Greent ech structure that I can quickly explain in one. Puneet, if you can tell me which slide it's looking like. So Dhananjay, just to reiterate, there will be two companies post the demerger. One will be the graphite company, which will have the 100,000 tons of graphite electrode business. And the second company will be HEG Greent ech, which you see here. Under HEG Greent ech, you will have four different entities: TACC, which is 100% owned by it, which will have the active anode materials to start with. The solar and BESS IPP that Basant spoke about, in which we are looking for the IPP and the C&I kind of projects. We hope to do more than a gigawatt a year for the next three or four years. That is 100%, again, owned by HEG GreenTech. RePlus is the battery storage company where we will manufacture high-quality BESS systems and implement them along with the EV solutions. That company is owned 74% by HEG GreenTech, and the balance 26% is with the founders of RePlus, who are continuing to manage that particular business along with HEG GreenTech. You have the two power plants, which are Malana and AD Hydro, which are 100% owned by HEG GreenTech. HEG GreenTech, as a company, owns 100% of the anode material, your IPP business, your hydro business, and 74% of the battery manufacturing business. HEG Graphite, as you're seeing on the right-hand side of the slide, has 100,000 tons of graphite electrode, which also we are increasing by 15,000 tons, and a 10% strategic investment in GrafTech USA, which is the world's largest graphite electrode company. Sure. So very, very nice. So this anode and electrode, those will be considered, even though they're the same operationally, also will be separate? Or are they? So they are absolutely separate. HEG Graphite is our plant is situated in a place called Mandideep near Bhopal. And this new TACC plant is situated in a place called Dewas, which is near Indore. So just to understand what Basant was also trying to say, that the core of the business, which is graphitizing, when you convert the carbon from graphite, that technology is something that inherently at TACC as a company has inherited from HEG Limited. We've actually taken physical people on board of TACC who have had years and years of experience of managing graphitization. So the companies will be totally separate. The locations will be completely separate. Yes, the same raw material will be bought for TACC and the graphite electrode, where we will definitely see some synergies. And technology, although this is different, there you are producing long graphite electrodes. Here you are producing carbon in the purest calcined form, for lack of a better example. But it should be nothing to do with each other except for common promoter shareholding. Also, Dhananjay, I mentioned to you that it is a similar process, but not same. The graphitization process, so that is where we have an edge. That is why I said it's a right to win. The process of graphitization here and here is pretty similar. But then, as Riju said, here we are making those long, those electrodes which are used in electric arc furnace. And here this anode material is being in a powder form, which goes and makes the lithium-ion battery anode. Sure. This is very helpful. And lastly, what is the total CapEx we require for all the HEG Greent ech entities? If you see my slide, that the slide, Puneet, just show that on our slide. So this is where I explained that up till 27, we have set out a CapEx outlay of INR 4,300 crore, and by F30, accumulated INR 7,700 crore. Okay. Fine. Thank you. Thank you so much, and congratulations again. Thank you, Dhananjay. We'll take the next question from Abhishek Gite. Abhishek, please unmute yourself and go ahead. Yeah. Am I audible? Yeah. Yes. Loud and clear. Please go ahead. Yeah. So on slide three, we see that we own 100% of TACC. But I believe we have done a INR 500 crore capital raise from Singularity Growth in May of 2025. So what is the status on the capital raise? And at what valuation did we raise that capital? Puneet, can you answer that? I don't think there are any dilutions over there. I'll take the question. So it's a little difficult, different, so you can explain that. So Abhishek, I'll explain to you. We haven't raised money at the TACC level. So if I just show you the slide, give me one second. So if you see on the left, there is an entity called Bhilwara Energy Limited, BEL. So the investor has put the money in this. They have given the premium on the valuation. They have put the money at around INR 3,600 crore in this company, whereas the company was valued INR 3,100 crore for its fab, and they have invested INR 500 crore in this company. Since they are also sitting as a shareholder in this company, BEL, which is getting merged into HEG Limited, pursuant to that, they are getting shares of the HEG Greent ech Limited, if you see on this next slide, so out of this public shareholder of 38%, 12% is the investor holding, and the remaining 26% is held by HEG public shareholder. So there is no dilution we have done at the subcore level. The idea is to have the structure concretely in place so that tomorrow, if we want to do an independent listing of hundreds of any other entities, we can do that. Understood. Another question was, sir, on the demand of 1.5 lakh ton of anode, if you could briefly segment that demand across categories if possible. Ankur, you want to take this part? So yeah, thank you, Puneet. So when we're talking about the Indian market, then today, the Indian market is mostly coming on the ESS side. But there are players who are working across the chemistries on ESS as well as on the EV side. So if we talk about absolutely on the short term, then of course, the ESS is the fastest growing. But when we talk about the complete 120, yeah, Puneet, that's where it would be good. Sorry, you were just when we're talking about 120,000 tons of demand in India alone, then it would come both from ESS as well as EV side. Okay. But in short term, what is the demand number on ESS and EV? So in short term, when we're talking about next couple of years, then the majority part would be on the ESS side because when the current companies which are coming ahead, they are focusing more on the ESS side. And of course, the demand is going to start with less than about 35-40 gigawatts in India. But it is going to grow very rapidly because just in the next three to four years, all the plants which have done all their research as well as their development work over the years are going to come up with their respective capacities. And also having said that, if I can add, Ankur, there's a huge traction that we are seeing from the global markets. Because now, like we mentioned, that more than 90%-95% of the battery material anode is coming from China. So we are seeing a lot of positive development with all the European, U.S., and other countries that manufacture cells or are having plans of manufacturing cells. They all want to buy their anode, which is around 15% of their overall battery cost. They want to split it between China and other countries. And if we talk about other countries, I think apart from Indonesia, we will be the only plant that would come up first as far as the anode product is concerned. So I mean, and that is where our kind of focus is, is to sell more and more on the EV side. Because that is where the higher paying customer is, ESS customer is on the lower end of the side. So our target is that 70% of our sales should be towards the EV side and only 30% towards the ESS side. And ultimately, try and sell as much of this product in India once the cell companies come on board in India, which is taking longer than this expected time. Also for EV and high-end applications. Abhishek, may I request you to keep this as a last question because there's a long list of participants waiting. Okay. If there's room, can I ask one more question? Yeah, please go ahead. Yeah. Okay. Thank you. Another question was, so what are the cost advantages in India versus global versus China for graphite anode? And what are the cost economics of India versus China? And with Epsilon and Himadri also adding capacities, how do you see the demand panning out also, demand supply structure panning out? Ankur, maybe. Yeah. First, I'll talk about the cost economics. When we are talking today, the very good part about the Indian ecosystem is that right from the center to the state, there is a massive support by the government. Overall, when we see the economics, then on an EBITDA level, we are either better or at par with China. The main component of the cost is the power cost. Again, because we are getting some very good support, both because of our own facilities, plus having a good power tariff here, we are competing very well with China at definitely at an EBITDA level. When you talk about the overall supply situation in India, then the kind of demand we are seeing, we are talking about 120,000-140,000 tons. So when we are talking about these kind of numbers, then we don't see an issue with other competitors also coming up in India. In fact, it is good for the overall Indian ecosystem to have a larger capacity in India. Because when you go a little further with the cell companies, then the PLI scheme makes cell manufacturers mandatory to go up to 60% of the localized material. So the more you have a local production, the more cell people will be encouraged to ramp up their capacities and be dependent on the local suppliers. So it's a complementary situation, in fact, at this moment of time. Understood, sir. Thank you. Thank you. Thank you, Abhishek. We'll take the next question from Jatin Damania. Jatin, please unmute yourself and go ahead. Good evening, sir. And thank you for the opportunity. I just wanted to understand more on the BEL. If I'm not wrong, you indicated there's INR 400 crore of the EBITDA. But earlier, AD Hydro was a JV of BEL through a Malana. And lately, we purchased the remaining stake from our joint venture company. At what valuation did we do that acquisition? Ajmera ji, can you take that question, please, since you've been the architect of that side? I can answer, but I'd rather have you. Yeah. See, this 49% stake we have acquired from Statkraft with the valuation of precisely INR 1,205 crores. INR 1,200 crores. Yeah. So that means you are valuing AD Hydro? No, actually, let me explain to you. We had a first right of refusal with the joint venture agreement. And we exercised our right to acquire this stake at INR 1,205 crores. Right. So instead of you agreeing to a value of near about INR 2,400 crores for the AD Hydro, and when you. Not for AD Hydro. It's a combined Malana and AD both put together, both the hydro assets. Both the hydro assets. But sir, BEL used to hold 100% in Malana, and Malana used to hold 51% in AD Hydro, right? No, sir. No, no, no. BEL always had 51% only in Malana, and Malana had 100% of AD Hydro. So basically, we had a joint venture with Statkraft, 51%, 49% in both the co mpanies together. Okay. So now, when you are valuing the entire company, when you divested or you raised that INR 500 crores, valuing BEL at near about INR 3,600 crores, which is a premium of INR 500 crores, does that indicate that the other four businesses, which are currently not generating any revenue, we are valuing that at around INR 500 crores of revenue at this point of time? Is it fair to? No, actually, hydro assets itself is valuing higher than what we have acquired. I'm agreeing that because BEL, when you divested or you raised INR 500 crores from Singularity, you indicated that INR 3,600 crores of the valuation for that BEL, where you have only two operating assets, which are Malana and AD Hydro, which are giving you INR 400 crores of revenue, and you are giving an eight times, which gives near about INR 3,200-INR 3,300 crores of the valuation. So INR 700-800 crores is for your solar, BESS, and tech business. Fair to assume that? Yes, you can assume that because tech was also valued at a particular valuation, and the battery business was. Maybe you can speak about the cash in BEL book, so that we'll have to reduce from that. So what is the cash in the book at BEL level? At that point of time, when the valuation was done, it was about INR 250 crores was lying in the company. Okay. And sir, once our entire CapEx is done of INR 7,700 crores across all the business vertical, what sorts of IRR once you look in the consolidated entity? I think it's INR 4,300 crores is the CapEx. Stage one, stage one, and then after that, after the C&I projects, like Basant mentioned, I think we are not chasing the regular IPP or the regular tenders that are coming every day. We are only targeting a 16%-20% plus kind of this thing, which will be led primarily by the C&I segment. So if you see all the four different businesses combined together, we are aiming for a healthy, at least 20% IRR across the four different businesses. They could delay from time to time or year to year, but on a steady flow basis, all the four businesses should be generating a healthy 20% IRR. And post the completion of the phase one, what should be a steady state EBITDA for us other than these INR 400 crores that we generate from the hydropower? I think Puneet, would you like to answer that? I mean, we haven't worked out the number we are because there are multiple things. Because we are following the asset recycling model, the EBITDA number and all will not be that relevant because the bulk of the IPP assets are being, I would say, flipped. But if you were to look at our out of these four businesses, RE+ will require a very limited capital. So they are the best mode of gauging the performance, not IRR, but more like ROC. And we believe RE+ will really generate a very healthy ROC. And the IPP business is more like an IRR game. And I agree, which we already clarified. And then you can imagine then the hydro we are generating INR 300 crore plus cash and INR 370 crore plus kind of an EBITDA. You can then calculate there. The tech business, we already mentioned the 20,000 capacity, ASP of $7,500 plus, and the CapEx of INR 2,200 crore. So one can calculate the overall financials. I mean, so I agree with what you are saying. But since our capacity is going to start from FY27, which is the second quarter, definitely that should be. I mean, we're estimating that there could be some amount of the better benefits will come from the BESS. Because when we generally talk to BESS players, they indicate near about INR 4 lakh of EBITDA per megawatt. So we are also working on the same number, or probably we are later on the higher side. When you say, sorry, INR 4 lakh EBITDA per megawatt hour? Yes, for BESS. Is it fair to assume it, or probably the numbers? Well, honestly, I don't have the number handy with me. And I don't know whether Puneet or somebody else has this number. But we can come back to you on this. Sir, last question. Other than Singularity, Jatin, may I ask you to join the queue, please? No, no, last question. Navinji, last question. Other than Singularity, who are the other key investors who are invested in the BEL? You can name them. So right now, we only have Singularity as the investor. And today, I mean, with the business plan that we have in place and the numbers that Basant showed you, I think we are very well funded because the cash that HEG is leaving behind, plus the surplus of the hydro assets, and another INR 300-400 crores of EBITDA coming in the next one year or two, and INR 500 crores coming in from Singularity will give us enough equity for this round of INR 5,000 crore of investment. And later we will see, I mean, then your hydro assets will, then your, sorry, TACC will start performing and throwing out EBITDA. Your IPP projects will start throwing out EBITDA. RePlus will start throwing out EBITDA. So then we can, we'll be in a position to decide, I think, in the next 12-18 months whether we need any outside funding or we can do without any outside funding. But I think today, I mean, Singularity is the only investor that we have. And in RePlus, who holds 26%? RePlus was founded by Hiren, who's on the call right now. And between Hiren and their partners, they own 26% of RePlus. Sure, Riju ji. Thank you. Thank you for answering all the questions. Thank you, Jatin. We'll take the next question from Rajesh Majumdar. Rajesh, please go ahead. Hi, good evening, Jatin. Am I audible? Yeah. Yes, you are. Please go ahead. Hi. So I had a couple of questions. One was on the raw material. See, in the case of your core business, electrodes, we have a raw material constraint due to which there can't be any global CapEx, and there seems to be some kind of capacity constraint there. But what is the raw material here in anode? Is it calcined petroleum coke, coal tar pitch, any of the raw materials which are amply available in the market? Number one. And secondly, if you look at the China anode capacities, they are well over 3 lakh tons or 4 lakh tons. And so what kind of comparative edge are we really talking about? Are we expecting something like ALMM coming in the procurement process which can give this kind of comparative edge? So that was my first question. Ankur? Yeah. Thank you, Rajesh. Coming to the first question about the raw material, there is a slight difference between the raw material what we are using for anode and what we are using for graphite electrodes. While in graphite electrodes, the material used is 100% calcine, in case of anode, the material used is green. When we are talking about green, then we are talking about green needle coke, green petroleum coke. Now, as per today, we have evaluated all the major global players, whether it is European, American, or Japanese, and we are qualifying our material based on different kinds of coke. Of course, there are a lot of Chinese producers as well. But in today's scenario, when we are discussing with various customers across the globe, then there are a lot of players who want absolutely a non-Chinese source. We are prepared for that. But if somebody is agnostic, they are indifferent towards Chinese or non-Chinese, and we are prepared for that as well. But coming to the level of quantities available in the market, so the good part is that for green coke, the feedstock is completely different. The feedstock management is completely different. That is why, as for the capacities, what we have planned now as well as in the future, we are not seeing a very big challenge in this. And with HEG experience over the last 50 years, with HEG relationship with these companies over the last 50 years, we are very confident and we are very sure that after all our discussions, we are even able to have long-term agreements with them depending upon the kind of requirements we have from the cell companies. The second question. No, and who are the suppliers of green pet coke? Which are the companies in the area? The supply names are common as per the electrodes. Outside China, the supply names are common. In China, there are slight differences, but outside China, all the names are common. Yeah. Second part you were addressing. Yeah. So second question, yes, when we are talking about the kind of restrictions in India, so it's not only about India, but it is about a geographical restriction. When we talk about, even today, when we talk about countries like the United States, then there are two very critical points which are coming here when it is coming to a non-China supply. You must have read about foreign entity of concern. Not only about foreign entity of concern restricts Chinese players, even if they are manufacturing outside China. So today, while a Chinese player may be manufacturing in Indonesia or Morocco, but if the entity is identified as a foreign entity of concern, there will be more restriction from the U.S. player. And the restriction is not only in form of duty, but the restriction is also in form of the kind of benefits they would be able to, the local cell players in the U.S. would be able to get. Point number two, that in India, right now, we are seeing a lot of momentum and a lot of support from the center towards pushing the lithium-ion value chain. Now, of course, in this, there will be various measures which will be tariff and non-tariff barriers. But it is too early to comment upon whether they are at the advanced stage or at their early stage. But all we can very confidently say is that the first step itself is very progressive, with Indian government coming up to have a 60% mandatory localization. Of course, this is only the first step. Going ahead, we do foresee very progressive steps to be taken, both in terms of BESS as well as in terms of anode materials i n India. And I had one more question on graphene. So I read about your initiatives, new initiatives. So actually, there are nearly 40 plus companies who are startups in graphene globally. And there seems to be some companies, rather, who have already reached some kind of critical mass in terms of the scalability of production in these products. In which case, is it feasible to kind of acquire a company in this business or start a new capacity? I wanted your thoughts on that. Rajesh, to keep it brief, I mean, we have evaluated almost all the startups which are today. Our graphene work is going on for about 10 years. There are two things which give an edge in graphene. One is the cost point. Because when you just look at the numbers of graphene, the cost per kg is very, very insane. And we have used our own technology in order to develop the synthetic graphite. And we also have some natural graphite tie-ups. So to develop the feedstock, to develop a consistent feedstock of low cost. And second point is quality. Because in graphene, even to supply to one particular application, there can be 10 types of different graphenes. It is a very, very customized product because we are talking about a wonder material which is actually split, which is actually you're talking about just some layers of atoms. So our edge is quality as well as cost. And yes, we have evaluated a lot of companies, but our focus is scalability. Because while R&D, as Riju and Basant said, R&D is the engine, but at the end of the day, the whole thing revolves around the commerciality of the product, on which today we are very confident on our product. And this is going to be my last question, so in addition. Going to be in flakes, CVD graphene or graphene flakes, or what product exactly are you looking at? So Rajesh, this I cannot answer right now because we have a mix of technologies. So on technology, I would not be able to comment right now. Okay. Thank you. Thank you so much. Thank you, Rajesh. We'll take the next question from Devang Sanghavi. Devang, please unmute yourself and go ahead. Am I audible? Yes, Devang. Loud and clear. Please go ahead. Yeah. Thank you. This is Devang Sanghavi from Abakkus. My first question is regarding the TACC company. How quickly we can ramp up to optimum capacity utilization? And how do we start initially? At what utilization can we start for the first year, say FY 2028 or maybe Q4 when we are starting this particular plant? Devang, we will, in our business plan, we do have in the initial times, in the initial couple of months, we would have less than 50%. But we are confident that within a year's time, we would be able to ramp up beyond 75%. Okay. And what is the optimum we can reach for this particular plant? We can go to 95, 90, 95 types. Is that a good number to take? We are well spaced within our capacities. So definitely, we can go above 95%. Right, sir. And in terms of the other two, the IPP company as well as the BESS, what can be the optimum top line for both these entities at full utilization? Maybe a rough cut number for the same. You mean to say the BESS manufacturing, that the cell-to-pack manufacturing? Yeah. Yeah. The 6 gigawatt that we are planning to go to. Yeah. Maybe Hiren, right? Yeah. So actually, with the ultimate capacity, I think we should be able to target 6,000 crores. 6,000 crores for 6 gigawatt, rig ht? No, just put a caveat here. This is not just the sales of the pack, but also because we will be selling the, I mean, solution. It's like, for example, in BESS, we are not just going to be a supplier of the pack, but we are going to supply the entire container, and we will also be system integrators. A lot of revenue will also come from there. This is 6. Yeah. Okay. Okay. In the IPP model, what could be the optimum top line similarly? As I mentioned, so as I mentioned to you, IPP business should not be seen from a top line perspective because it is more of an IRR game. I RR. Okay. Okay. Yeah. We will be following the asset recycling model. At this juncture, we don't intend to be a pure-play IPP like the rest of the folks. You should look at the kind of IRR we will deliver, which you already indicated earlier. Yeah. 20% plus. Is that how you recall correctly? 16 to 20 is the range we have. Okay. 16 to 20. Right, sir. And can you just break the CapEx year-wise for all these entities going forward? It will be possible? Well, if you just go to that slide, I mean, look, our TACC, after this investment of 2250, we might possibly expand it to 30,000. Okay. So there'll be some CapEx there. I think that sheet contains. So Puneet, if you just show that. No, what I was coming to, up to FY 2026, how much we have incurred? I think you said 30%. Up to FY 2026, how much we have incurred? Okay. And probably what will be the second half CapEx? What will be the FY 2027 number accordingly? I was coming to that number. So maybe Puneet, maybe correct me. In case of the RE power generation, we have not invested anything so far, any meaningfully, barring a very tiny amount. If you look at these four businesses, anode material, as Ankur indicated, we have about 30% of this CapEx is incurred. Battery energy storage solution, Puneet, about INR 50-60 crores. INR 65 crores is what we have. CapEx. And then RE power generation, not CapEx, not equity. I will talk about CapEx. Devang, I'll give you broader numbers. See, I know in FY 2027, we'll spend around 80-85%. Balance will be retention money for the performance. The larger amount will be invested because the plant needs to be live by April 27, March 27. On the RePlus, the battery energy solution side, to date, we have spent only INR 50 crores, and the balance will be deployed by quarter three of FY 2027 because the capacity will be coming live by quarter three, quarter three, quarter two. On the RE generation solar-based one project which we are doing, and that needs to be live by quarter three 2027, the CapEx will be used. That will be roughly around INR 235 crores. The other CapEx, the balance CapEx, will be in mid of FY 2027 and 2028. So larger amount will be going after quarter three. But anode will be 90% or 85% will be done in this financial year. I can't say the exact quarter by quarter because there are key milestones on the payment and the delivery. But on 4,300, you can say by quarter three, most of the amount will be deployed. Right. We had last time that I did 30% EBITDA margins for the anode powder business. We kind of maintained that, right? Yes. Yeah. We maintained that. That is for sure. That is for sure. And also in the power business, sorry, not power, in the anode powder business, we are also looking out for some subsidy from government, lower power cost. So has any progress happened on that side? Yes. I think that's what Ankur was mentioning also, that when we compare ourselves, one of the major costs is power. And we were trying to get a good favorable power cost from the state. And we have been able to get a very good rate, which I can assure you. I can't say the exact rate, but I can assure you that it is probably much better than any Chinese or definitely much, much better than any European or American supplier would be getting. So that's very competitive. Which is why we are quite sure that on a per ton EBITDA basis, we will be able to perform at around 30%, with power being 30% of the cost itself. Yeah. That's what I'm coming to, initially. Yes. Thanks, Riju. This is very helpful. All the best for the project s. Thank you. Thank you, Devang. We'll take the next question from Shubham Thorat. Shubham, please unmute yourself and go ahead. Hi. Am I audible? Yes, Shubham. Please go ahead. Thank you for the opportunity. This is Shubham Thorat from Perpetual Capital. So I just have a few questions on our legacy business that we are graphite business. What kind of demand and supply situation are we facing there? And what are the growth drivers for that business going forward? So Devang, to be very honest, I mean, we had kept this call only and only very specific to the HEG demerger that is happening. But so we were not really talking about the existing graphite business. But I think if Manish is there on the call and can answer this question for everyone quickly, I think that will be great. Manish, are you there? Just give me a second. I'll just check with Manish. Give me a second, please. Shubham, if you could just continue, I'll just check and ask Manish to respond. Yeah. So in the battery energy storage business, so with this slice on the kind of business model that we are following there, is this a, I mean, is this an assembly business? Or have we developed any kind of tech over there? Hiren, I think. Yeah. We have three business models. Actually, we start from design, then we do the engineering, we do supply, and we also do installation and commissioning. As far as the large-scale BESS, utility-scale BESS projects are concerned, we do complete end-to-end design engineering, supply, installation, commissioning, and end-of-life treatment of the battery energy storage solutions. Having said that, we do EPC business, turnkey EPC. We also take a scope of system integration, and we also are looking at product sales. It will be these three business models which we will continue. A couple of minutes ago, Basant sir mentioned that the turnover that we are looking at at the apex production quantity of 6 gigawatt-hour. We are looking at something like INR 6,000 crores where we will also have a bit of EPC business that we do. In terms of technology, we have hands-on. Exactly. This is what I was mentioning. We have hands-on handles on the technology. As far as the battery cell-to-module and cell-to-pack is concerned, we have BMS, which is in-house, both slave as well as master. And then we also have developed a USP in terms of energy management system. Because when we go to grid utility scale, energy management system is the most critical component for basically making the batteries work through the life cycle. These are some of the advancements that we have done. Of course, the first and the most important primary aspect is the selection of the right cell and the selection of the right product for building your systems. Thermal management, liquid cooling technology, these are some of the other complementing components or complementing products which we have developed. So this is what I can say as of now. But yes, we are going to be a technological player in these ESS systems. Thanks. Thanks. Hiren, I think Manish is here on the call. Manish, if quickly, you can take us through the current prospects of the graphite business. Because, I mean, the gentleman just asked that. So it will be good for everyone to just know that very quickly in two minutes. Yes, sir. I'll be quick because this was the agenda was this for demerger explanation. Shubham, you see, we are catering to electric arc furnace steel making. That's where our product is used. For every ton of, let's say, steel melted, one and a half kg of electrodes gets consumed. So what is happening now is that more and more electric arc furnaces are coming in the Western world. Already, if you exclude China, it has already crossed 50%. 50% of all steel made in the world, excluding China, is from electric arc furnaces. And this is only increasing by the day because of decarbonization efforts. There are no new blast furnaces coming in the Western world. Whatever capacity is getting added is getting an electric arc furnace. We, as well as our peer group, have a clear visibility. We know the steel plants which are being constructed as we speak. So we foresee a demand of about 200,000 tons. We know for a fact that nobody outside China is expanding. We have the technological edge. We know we compete with Japanese and American European companies. So we have a good standing. As a plant, this is the largest plant in the world, ex-China. And as a graphite company, we are the third largest company of the world. So we have good cost control, I mean, cost competitiveness, I would say. And the demand which will come in the next three, four, five years, or even later, so we'll be very well equipped to handle that. Even today, as we speak, our capacity utilization is between 85%-90%. And these are the worst of times which we are going through. So we believe that when steel production increases, right now it's stagnating, but when it increases, electric arc furnace steel will grow, and HEG will be there as one of the very reliable suppliers. That's all from my side, Shubham. If you have any query, you can always give me a direct call. But right now, the purpose was different for this call. Yeah. That's it, probably. Yeah. Shubham, satisfied? Yeah. That's it. Thanks. Thanks. Thanks. Thanks, Shubham. We'll take the next question from Rohan Baranwal. Rohan, please go ahead. Rohan, please unmute yourself and go ahead. Thank you for the opportunity. So I'm Rohan from Arihant Capital. My question was on the BESS side. So currently, if we see the tendering prices for the whole market is actually very competitive, and the prices are a little bit lower side. That's why most of the peer groups, like peer BESS manufacturers, are not able to get the tenders. So how do you see these prices to be correcting going forward, sir? On the manufacturing capability side, as you already have an existing assembly, like one gigawatt of capacity, and adding up a five gigawatt more, so will you be adding a container fabrication as well for the manufacturing side, or will it be imported, sir? So yeah. First of all, the prices that we see in the market and the prices which are being discovered in the market, actually, there's a lot of volatility as far as these prices are concerned. Today, almost everybody's prices from best manufacturers in China. We all know that China is highly unstable and very volatile at this point of time. While we are going through this situation right now, I feel more or less in about six months to one year's time, this market will be extremely stable. We will see lithium prices and also the prices of the cells will stabilize the demand, also will, in a way, streamline. Because right now, there is a demand-supply gap. So if you remember, just to give a little bit of background, six months ago, the mining was stopped. CATL had stopped the mines for generating or for producing lithium carbonate. And because of that, a huge crunch or huge shortage was created. Six months before that, there was excess production. And because of that excess production, they tried to do a correction. So I believe that in the next six months, this whole thing, the whole situation will get stabilized. Coming to the tenders and the tendering part, because of this volatility, people are taking aggressive calls going by the traditional drop in prices, which has happened. Some may be able to reach there, but some may not be able to reach there. It is a dynamic situation, is all I can say right now. In six months to one year's time, you will see a lot of stability as far as ESS projects are concerned. Having said that, we have put 1 gigawatt hour of manufacturing capacity. We already have hands-on experience by virtue of this. We have also figured out the components, and we have also established a local ecosystem. We are through the hard part of getting all the components and everything certified and achieved various certificates as well as credentials for our systems and solutions, both in EV as well as in ESS. The 5 gigawatt hour capacity will be catering to both EV and ESS. Having said that, even the container and the rest of the components will be developed locally. We will be doing the assembly of the containers locally within our factory. So we will do cell-to-module-to-pack. And then eventually, a container will be built up in our system. We will also have facility to do FAT test and then do the mass supply for these BESS projects. So we are building a capacity to do end-to-end solution making for that. I hope I'm able to satisfy your question. Definitely, sir. One more question on the TACC side, the anode material side. So on the raw material of the anode side, sir, as electrodes require majorly the needle coke. So is the same material which is required for anode manufacturing, or it can be done through GPC as well, sir? What is the material for that, sir? Rohan, as we explained earlier, that there is the requirement for anode is basically green coke. It can be green petroleum coke. It can be green needle coke. And we have the common needle coke suppliers, whether it is U.S., Europe, or Japanese. And whether it comes to the Chinese suppliers, then we have them also. But again, in case of anode, it is very much not only on the quality of the material desired, but even a customer's choice. Because there are several customers who require a non-Chinese material. So we are well-positioned to get the green material outside China as well. But specific to your question, it is the green coke, whether it is needle or petroleum, both the material is green, not calcined. Got it, sir. So what do we procure? Is it GPC? Because if we see for the So for GPC, sir, we see a huge competition coming from the Chinese battery manufacturers. So how do you see the on the raw material sourcing? Will it be conflicted by these Chinese manufacturers, or what is the scenario, sir? See, again, because we are procuring GPC as well as GNC. And it is all directly linked with the customer requirement. When it comes to China, then if a customer is agnostic of the material, whether it is Chinese or non-Chinese, then we are able to procure both from China as well as outside China. And towards the business plan, what we have made up to 60,000 tons. We are well-positioned in terms of the capacities of coke which are available for the 60,000-ton final production. So we don't see a challenge up to 60,000 tons and, in fact, even beyond. Got it, sir. One last question. Rohan, we have already run out of time. In case there are any follow-up questions, please mail them to me. Thank you. We can collect separately. Sure, sir. Sure. Thanks. Friends, we've run out of time, but there are two participants who've been waiting for some time, and those will be the last questions for the evening. Nikhil Singh. Nikhil, please unmute yourself and go ahead. Hello. Yes, Nikhil, please go ahead. Sir, my question is on the BESS side, on the IPP side. Sir mentioned we have some asset recycling model. Can you put detail around that? Yeah. So Nikhil, typically, asset recycling model means that once the project is fully in operation, I would say about six to nine months of operational track record, that means the plant has demonstrated its performance and it is de-risked from the execution standpoint. There are a lot of takers. You might have seen India has now very thriving RE InvIT platforms. The typical yield there is about 10%-11%. Now, those guys are the one who are very, very hungry to acquire operational assets. So we will build the top quality assets and then flip them to some of these InvITs or even some of the customer, depending upon there are enough, I would say, buyer in market who wants to really own these IRR-based return projects. So typically, anywhere between 6-12 months post-commissioning is when we intend to sort of divest these assets and monetize them. Okay. And on the battery side, so basically, my question is that batteries are evolving technology, like from lithium-ion to sodium-ion to solid-state batteries. So do we see some risk in the anode business in terms of oversupply or market moving to different technology? Ankur? Sorry, Ankur. You are not. We can't hear you. Hello? Can you hear me now? Yeah. Ankur always goes mute when we ask him this question. So no, this is actually when we talk about the anode space, then anode for lithium-ion cells. So lithium-ion cell today, when we talk about the market, then the commitments of the market is anywhere between 8-10 years. Because as you explained in the beginning, our main target segment is electric vehicles. And when we talk about the electric vehicles and top 10, top 20 OEMs in the world, they will not change their strategies in the short run. They will always look for advanced developments in the long run, which goes beyond 15, beyond 20 years. And so hence, for our 20,000-60,000 tons, we don't see a market per se challenge. Whether it is Indian geography plus our qualification in the export market, we don't see a market per se problem for the anode business. Of course, having said that, when we talk about the Advanced Carbons Company, the reason this is a carbons company is because we are not just focused on anode for lithium-ion cell, but we are into very advanced development of various carbon material, which will ultimately go into different kinds of new chemistries as well. So we are also evolving with time, and we will be well-positioned for these new chemistries as and when they come. Okay. Thank you, sir. All the best. Thank you. Thank you, Nikhil. Thank you, Nikhil. We'll take the last question for the evening. Jatin, please unmute yourself and go ahead. Hello. Am I audible? Yes, you are. Please go ahead. Yeah. Thank you, management, for the presentation and accommodating the question, even if we are out of time. Just my question is based on the PwC valuation report, where in additional notes, they have given the projection up to FY 2030 for various green tech segment businesses. I just wanted to, if I calculate there, roughly, it is like INR 5,000 crore of revenue by FY 2030 with range of 20-25% of EBITDA. I just wanted to ask, what kind of major tailwinds or headwinds you see to that number? I believe that number might be conservative one, right? So are there any upside surprises or downside risk that I wanted to know from the management? I think Basant can answer that better. But I think as far as I remember in the PwC report, I think we've taken only the RePlus, the hydro, and TACC numbers in place. We have not considered any growth in TACC. We had not considered our buying 50% of the hydro assets over there. This report was pre us buying the hydro assets at a very, very cheap cost. And I think we had not considered the IPP business over there. So Basant, you can go ahead. So Jigar, the RePlus, as you know, what Hiren mentioned that we will be aiming 6,000, but of course, in the long run. But if you were to look at the entire BESS landscape in India, where the 50 GWh per annum looks imminent, and even if we target, say, I would say 10% of it, we're talking about 5 GWh, 5,000 MWh. If I were to take on an average about roughly, whatever, say, INR 60-70 lakh of our own, I would say value of the maybe it will be more. This itself gives about INR 3,500 crore. What I'm trying to say is that RePlus will definitely have a lot of tailwind. You'll be in for a surprise from RePlus in some time. As you mentioned, we will expand our anode capacity also as we stabilize our first phase. The 10,000-ton capacity expansion looks very, very imminent at the same location at a much lower CapEx. Then the additional revenue coming in from, as you mentioned, 49% revenue from extra revenue coming from the acquisition from Statkraft and our stake, and then the IPP. There are a lot of tailwinds. So I hardly see any headwind, honestly, why this number should not be higher. As far as EBITDA is concerned, I think this number should hold good across all our businesses. Yeah. Thank you. Just one suggestion or maybe remark. In the presentation, there is a pre and post-scheme shareholding pattern for public holders of the HEG. May I recommend or may I suggest that we can also mention non-promoter existing HEG holders? Stake was like some 20-25% in the Bhilwara or the subsegment. Now, post-scheme, it might reduce to 18%. And because of the external investor, total non-promoter holding might be 38%, something like that. So it might give an exact picture that there is no significant, what do you say, dilution, but it is mainly from 22% to 18% for the existing non-promoter holder of HEG. Sure. Thank you. Thank you, Jigar. Yeah. Friends, that was the last question for the evening. I now hand over the webinar back to Mr. Jhunjhunwala for his closing remarks. So I think I'll ask Basant Jain to give his remarks for one minute, and I'll follow up on that for the closing remarks. Basant Jain, please. Thank you. Thanks, everyone, and very insightful questions. I think while we did try to respond to the best of our ability, but due to paucity of time, if any one of you feel that you still have a few questions, feel free to reach out to SKP team and then get back. One thing I just want to reiterate that we are a group which wants to grow in a very responsible manner. And what it means by responsible manner is both in terms of governance and also prudence. So these will be two cornerstones of our growth. Businesses which we are now gotten into via green tech are all tech-led businesses. So we will be a technology company while we will manufacture material or even BESS or making packs and all. But everywhere we will embed technology. We are focused on creating solid IP. And there is a good chunk of money being kept aside to build a very, very strong R&D team. Hence, this is the only way for us to really be a significant player in this space and ensure that we don't really get commoditized in time to come. So this is the assurance we just want to give all of you. Over to you, Riju. Thank you, Basant Jain. Thank you, SKP team. Thank you to all the investors. And last but not the least, thank you to all the management team that we have here. And thank you for asking me. We are trying to run this company very differently to what we run the traditional manufacturing companies. There will be in times to come, in very close times to come, a very generous ESOP option for all our employees. People ask me as to how do I see myself running the company different from running a textile company. My answer remains the same. I mean, in a textile company, I'm the senior-most person, but the youngest person in the room. Over here, I'm the senior-most person, but probably one of the elder people in the room. So we have to make room for kind of young leaders, young people who are well acquainted with technology, who can use technology, AI, etc., who have passion for running their particular businesses, the way Hiren has a passion for batteries, Ankur has a passion for graphite, Basant Jain having a passion for excellence, and for the IPP, etc., business. People like Ajmera ji who've been with us for long in terms of and adding more to the hydro portfolio. Manish, of course, who is running the current graphite business. Puneet, who's kind of helping on strategy, and all the other people, Salil, etc. And apologies if I've missed anyone. It's one team right now working on delivering results on both sides, on the HEG graphite side and on the HEG Greent ech side. So to my mind, I see it as a very, very good opportunity for HEG shareholders to really, like I said in the beginning, to have their arm in both the pockets. As in when the company gets delisted, you'll have shares of both the companies. And I think we have very, very good long-term plans to run both the companies in a very, very good manner under all the professional management that you've seen today. This was just to demonstrate to you that the depth of management that we have, despite the different businesses that we are trying to commit to, will never be kind of lessened. And like Basant Jain said, I'll just close on one remark that this will be responsible growth and ethical growth, something that the group and the company is always known for. Thank you very much. Thank you, everyone, and have a great evening. On behalf of SKP Securities, thank you, Mr. Jhunjhunwala, and the entire leadership team at HEG for taking time to answer all the questions. Thank you. Thank you, and we look forward to hosting you for the Q3 results. Thank you. Thanks.